Ethereum Foundation transferred approximately $22.9 million to its coffers by selling 10 thousand ETH to BitMine Immersion Technologies. The sale was made at an average price of $2,292. Ethereum Foundation is known as one of the largest institutions managing the decentralized development and community investments behind Ethereum. It was stated that the sale was carried out to provide financing for the Foundation’s basic operations, protocol research and development activities, ecosystem investments and community grant programs.
Details of sales series
The latest transaction follows a similar sale of 10,000 ETH completed the previous week. In the previous week’s transaction, a total of approximately $23.87 million worth of sales were made at $2,387 per Ethereum. In March, the Foundation sold 5 thousand ETH to BitMine at an average price of $ 2,043. With the recent sales, a total of approximately $47 million worth of ETH has moved into BitMine’s portfolio in the last seven days alone.
Ethereum Foundation’s wallet movements also attracted attention when it withdrew 17,035 ETH from stake last week. While the current value of the withdrawn ETH is approximately $40 million, the Foundation seems to have shelved its previously set target of 70 thousand staked ETH for now.
Community reactions and criticisms
Recently, successive sales have created controversy in the cryptocurrency ecosystem. Some community members questioned why the Foundation needed $46 million in funding in such a short time and why developers were not getting paid directly in ETH. Behind the criticisms were expectations that the Foundation would take more steps regarding transparency.
“Why do you need $46 million in 2 weeks? How much are you spending and what justification do you give for it? Doesn’t anyone get paid directly in ETH?” There were community members who reacted by saying.
The Ethereum Foundation was criticized for similar sales last year and committed to limiting sales for a while. However, he later tried to balance this pressure by staking some of his holdings.
BitMine’s ETH accumulation is growing
BitMine Immersion Technologies has been rapidly increasing its Ethereum holdings recently. The company currently has the largest Ethereum reserve with approximately 5 million ETH. It reached this level by making its largest weekly purchase of the year, adding 101,901 ETH. BitMine’s chairman of the board is Tom Lee; Lee is known in the market for his views on cryptocurrency investments and risk management.
Approximately 83 percent of the company’s ETH portfolio, approximately 4.19 million ETH, is currently actively staked. This rate was around 70 percent last week; There was a significant increase in a short time, strengthening BitMine’s contribution to Ethereum’s network security.
The current price of ETH is around $2,303. The price has not changed significantly in the last 24 hours. However, Ethereum is down more than 53 percent compared to its all-time high of $4,953 recorded in August last year. CryptoAppsy According to data, ETH is currently trading around $2,303.
